Amyris Inc. agreed to sell senior convertible promissory notes in a private placement for $28 million in cash proceeds. Under the terms of the agreement, one of Amyris's largest stockholders, Temasek, in conjunction with new investors affiliated with Wolverine Asset Management, agreed to purchase an aggregate $28 million of the notes.

"This financing will provide Amyris with funding to help achieve our business plan for 2014 where, based on achievement of our sales and collaboration revenue targets, we would reach positive cash flow from operations during the year," said John Melo, Amyris president and CEO. "Our existing and new investors continue to support our growth strategy. We have completed one year of successful operations at our first purpose-built, industrial-scale bio refinery at Brotas, Brazil."

Temasek's participation will complete its commitment to purchase notes under the company's previously announced two-stage convertible note placement. In addition, Total, Amyris's largest stockholder, agreed to cancel approximately an additional $6.1 million of outstanding convertible promissory notes to take its pro rata portion of the financing. Amyris expects the closing of this placement to occur on or about Jan. 15, 2014.

The closing conditions Amyris met to access this second tranche included specified production metrics associated with Amyris's production facility located in Brotas, Brazil, and completion of agreements related to Amyris's fuels joint venture with Total.